Milbank LLP was invited to participate in the working group updating the Venture Capital Investment Model Agreements (VIMA) published by the Singapore Academy of Law and the Singapore Venture Capital Association. Singapore partner Jacqueline Chan and associate Min Kim reviewed and provided feedback on the updated agreements known as “Venture Capital Investment Model Agreements 2.0” (VIMA 2.0).
The VIMA initiative is part of Singapore’s efforts to promote the venture capital/startup ecosystem, and VIMA 2.0 is intended to provide a collection of template agreements which can be used as a starting point in seed rounds and early-stage financings. VIMA 2.0 supports venture capital initiatives by reducing transaction costs and time by allowing founders and investors to focus on high-level issues and specific clauses as VIMA 2.0 terms are drafted to reflect the interests of a wide group of founders and investors in a balanced and practical way and in line with industry standards. VIMA 2.0 can also be used as a source of general information on funding rounds.
Milbank’s Singapore corporate and M&A practice is ranked Band 1/Tier 1 by leading legal directories Chambers and Legal 500, and the team regularly advises venture-capital-backed emerging companies in connection with their fundraising, governance and investment activities across the world, from the United States to Europe and Asia.
